Old Charge Off

[chidude85]

Hello,

I have two old charge offs on my report they are both 5 years old. Is this something that I should dispute and see if they fall off or is this something I should send good will letters for?

They are with Chase and Capital One?

Side note pretty new to this stuff... How much are these dinging my credit report? The amounts where only around 500 and they are steming from unpaid college credit cards...

Thanks!!

[SSPA87]

You would not want to dispute accurate information.

Are they paid?  Unpaid? 

[SunriseEarth]

What was the DOFD on these accounts that led to the CO?  GW attempts could be made if you paid/settled these accounts.  Otherwise, the lenders really have nothing to gain from early removal. 

I also do not recommend disputing valid information, as that is discouraged in this forum. 

[chidude85]

Thanks for the insight. I figured that disputing would not be the wya to go. I had just heard that maybe since they were old they would fall off?? Bad info it seems like.

I pulled my transunion CR yesterday and it is saying that 'Estimated month and year that this item will be removed' is 06/2014 for my old Chase account and 10/2014 for my CapOne, these are both paid in full.

Is this the same as a DOFD? Would a Good Will letter be appropriate here?

Thanks again!

[DaBears]

I would wait a couple more months and see if Transunion justs deletes them. Charge Off's are major derogatories and will affect your credit score for the entire 7 yrs that they are listed on your credit reports paid or unpaid. 

DaBears

[SunriseEarth]

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@chidude85 wrote:

Thanks for the insight. I figured that disputing would not be the wya to go. I had just heard that maybe since they were old they would fall off?? Bad info it seems like.

I pulled my transunion CR yesterday and it is saying that 'Estimated month and year that this item will be removed' is 06/2014 for my old Chase account and 10/2014 for my CapOne, these are both paid in full.

Is this the same as a DOFD? Would a Good Will letter be appropriate here?

Thanks again!

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DOFD means date of first deliquency.  That's the date that the account went into the delinquency that led to the CO.  Since TU estimates your CO for Chase will be excluded on 6/2014, then your DOFD was probably around 6/2007.

You may want to check the "fall off date" thread, as some of us have had success with requesting items due for exclusion to be excluded early.  You could also try writing GW letters for Chase and Cap One to see if they'll remove the listings.